Global E-Commerce Platforms Market By E-Commerce Model (Business to Business and Business to Customer), By Type (Cloud Based and On-Premise), and By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct. 2023
- Report ID: 53872
- Number of Pages: 320
The Global E-Commerce Platforms Market in terms of revenue was estimated to be worth USD 6.8 Bn in 2023 and is poised to reach USD 21.0 Bn by 2032, growing at a CAGR of 13.7% from 2023 to 2032.
The world of E-commerce platforms has emerged as a dynamic and transformative influence in the global business industry. This has completely changed how individuals and enterprises participate in the exchange of goods and services. E-commerce platforms are digital frameworks that provide online transactions, allowing businesses to display and sell their products to a worldwide audience with remarkable ease and efficiency.
The e-commerce platforms sector has encountered a remarkable expansion in the last ten years. These platforms present many features, including user-friendly interfaces, secure payment gateways, tailored shopping experiences, and smooth inventory oversight. This has led to a notable surge in online retail actions by clearing geographical constraints and time differentials. This has encouraged businesses and individuals worldwide to buy goods and services through e-commerce platforms, thereby propelling the growth of the global e-commerce market.
Note: Actual Numbers Might Vary In The Final Report
Major players in the e-commerce market have established the standard for the domain by delivering comprehensive ecosystems that meet the requirements of businesses of all sizes. Small and large enterprises can create digital shops by adapting their branding and using data-driven insights to enhance their sales strategies. Moreover, the surge of mobile devices and the elevation of social media have also accelerated the e-commerce sector’s growth, owing to buyers increasingly leaning towards mobile shopping and finding products via social platforms.
- Market Growth: By 2032, it is projected that the E-Commerce Platforms Market will reach USD 21.0 Bn with compound annual compounding growth rate of 13.7% from USD 6.0 Bn in 2022.
- E-commerce Revolution: E-commerce platforms have revolutionized global business landscape, offering seamless transactions, personalized shopping experiences, and greater market penetration.
- Driving Factors: The market is driven primarily by high Internet penetration and smartphones that make online shopping accessible and convenient for consumers. Additionally, the user-friendly setup of e-commerce platforms has lowered barriers for small businesses, fostering market growth.
- Restraining Factors: Stringent regulatory frameworks and the threat of cyberattacks pose significant challenges for e-commerce platforms. Compliance with various legal frameworks and the need for advanced security measures to protect consumer data may impede market expansion.
- Dominant Segments: Business-to-customer (B2C) models lead the e-commerce platforms market, while cloud-based platforms dominate the segment, catering to a wide range of industries, with a significant share in the electrical & electronics application sector.
- Regional Insights: North America leads the global market, driven by the presence of major e-commerce companies, while Europe shows significant growth supported by government initiatives and regulations. The Asia Pacific region is expected to exhibit the fastest CAGR due to the rising adoption of online shopping in developing nations.
- Key Market Players: Shopify, eBay, Amazon, Oracle, SAP, Salesforce, Magento, Ecwid, OpenCart, and PrestaShop are among the top players in the e-commerce platforms market, focusing on technological advancements and strategic collaborations to strengthen their market position.
High Penetration of Internet and Smartphones is Driving the Growth of Global E-Commerce Platforms Market
The high internet connectivity and smartphone penetration has significantly expanded the e-commerce market. By making online shopping extremely accessible, many businesses and individuals found it easy and convenient to buy goods and services from e-commerce platforms without many inconveniences. Therefore, more and more individuals prefer to buy through e-commerce sites. This is boosting the growth of the global e-commerce platforms market. Additionally, the user-friendly approach of various e-commerce platforms in setting up online stores has lowered the barriers for smaller businesses. These platforms provide adaptable templates, secure payment gateways, and tools for managing inventory, making it easier for enterprises to enter the digital marketplace easily. All these key factors are driving the growth of the global e-commerce platform market.
Stringent Regulatory Framework and Threat of Cyberattacks are Expected to Hinder the Growth of Global E-Commerce Market.
Many countries across the world have implemented various rules and regulations concerning online transactions, data privacy, and taxes. This creates a complex situation for e-commerce companies to navigate through various legal frameworks that could potentially affect their ability to grow in market. Also, the concern over cybersecurity acts as another significant limitation for the e-commerce platform market. E-commerce platforms handle large amounts of sensitive consumer data and financial transactions that increases the risk of cyberattacks and data breaches. This requires high investments in advanced security measures to protect customer information and maintain their trust. These key factors are expected to restrain the growth of e-commerce platform market during the forecast period.
E-Commerce Model Analysis
Business to Customer (B2C) Leads the E-Commerce Platforms Market by Covering the Major Revenue Share in Account.
Based on the e-commerce model, the global e-commerce platform market is divided into business-to-business (B2B) and business-to-customer (B2C). Among these e-commerce models, business-to-customer (B2C) holds the major revenue share account to dominate the e-commerce model segment in the global e-commerce platform market. The growth of the business-to-customer (B2C) model is due to various factors, such as widespread consumer adoption of online shopping, diverse product offerings, marketing strategies, and the appeal of convenience and personalized shopping experiences for individual customers. Therefore, the business-to-customer (B2C) model dominates the global e-commerce platforms market segment.
Cloud-Based Type Leads the Segment by Securing Major Revenue Share in Account
Based on type, the global e-commerce platform market is divided into cloud-based and on-premise. Between these types, cloud-based dominates the global e-commerce platform market segment by covering the major revenue share of 58%. This massive growth of cloud-based types is owing to the widespread adoption of cloud-based technology from various industries worldwide. The benefits of cloud-based technology, like high speed, centralized access, and large storage capacity, encourage more and more organizations to adopt cloud-based types to deploy e-commerce platforms. All these factors are propelling the growth of cloud-based type in the global e-commerce platform market.
Note: Actual Numbers Might Vary In The Final Report
Electrical & Electronics Lead the Application Segment by Holding Major Revenue Share in Account
Based on application, electrical & electronics dominates the application segment in the global e-commerce platforms market by holding the major revenue share into account. This growth of electrical & electronics is owing to the High adoption of electrical & electronic devices from individuals worldwide. The rate of electronic device adoption has risen significantly in the last few years. Technological advancements have made it easy to access electronic devices for the common people. Therefore, the high adoption of electronic devices through e-commerce platforms is driving the growth of electrical & electronics in the application segment of the global e-commerce platforms market.
Key Market Segments
- Business to Business (B2B)
- Business to Customer (B2C)
- Fashion & Apparel
- Electrical & Electronics
- Food & Beverage
- Health & Beauty
- Other Applications
Integration of Augmented Reality in Online Shopping is Expected to Create Many Lucrative Opportunities in the Global E-Commerce Platforms Market Over the Forecast Period.
As digital mediums gain widespread acceptance, consumers are actively leaning toward the convenience of online shopping. This is generating a growing demand for robust e-commerce platforms that cater to this trend. These platforms act as a gateway for businesses from small to large scale to establish their online presence more effectively and extend their market scope beyond geographical boundaries. Moreover, many key companies in e-commerce platforms started to integrate augmented reality within the platform to offer immersive shopping encounters by refining personalized recommendations via machine learning and simplifying the checkout process using seamless payment gateways. These will enhance the experience of customers during the shopping. These key factors are anticipated to create many lucrative opportunities in the market during the forecast period.
The rising Adoption of M-Commerce has Fueled the Growth of E-Commerce Platforms Market.
The e-commerce platforms market has undergone significant expansion and change in recent years. The proliferation of digital advancements and evolving consumer preferences have fueled this transformation for the e-commerce platform market. The rapid adoption of mobile commerce (m-commerce) by consumers increasingly utilizing mobile devices for online shopping is pivotal in the growth of the e-commerce platforms market. This shift has forced e-commerce platforms to enhance their websites and create specialized mobile applications to enrich the shopping experience.
North America Leads the Global E-Commerce Platforms Market by Securing Major Revenue Share in Account.
The North America region leads the global e-commerce platforms market by holding a major revenue share of 32.8%. This growth of the North American region can be attributed to many companies offering e-commerce platforms in the United States. The United States is home to many major e-commerce companies in the world. The United States is also one of the biggest countries in the e-commerce market. According to reports, the United States accounts for around 20% of global sales through e-commerce platforms. These factor is driving the growth of the North America region in the global e-commerce platforms market.
After North America, Europe is the second largest global e-commerce platform market region. Supporting government initiatives and regulations is driving the growth of the e-commerce market in Europe. However, the Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period. Growing adoption of online shopping in developing nations across the Asia Pacific region is expected to drive the growth of the Asia Pacific region in the global e-commerce platforms market.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report
- North America
- The US
- The UK
- Russia & CIS
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA
Key Player Analysis
The global e-commerce platforms market is fragmented into many key companies offering online shopping. However, key players like Shopify are trying to expand their business across regions by integrating advanced technology and customized software to enhance the user experience. Similarly, many key companies are adopting strategies like acquisition, collaboration, partnership, and mergers to expand their market share across various regions and strengthen their position in the market.
Top Key Players in E-Commerce Platforms Market
- Other Key Players
- In January 2023, Shopify Introduced Commerce Components to enter its next era of growth by redefining enterprise retail.
- In February 2023, eBay Acquired 3 PM Shield to Bring Advanced Marketplace Compliance Technology In-House.
Report Features Description Market Value (2022) US$ 6.0 Bn Forecast Revenue (2032) US$ 21.0 Bn CAGR (2023-2032) 13.7% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By E-Commerce Model – Business to Business and Business to Customer; By Type – Cloud Based and On Premise; and By Application – Fashion & Apparel, Electrical & Electronics, Food & Beverage, Health & Beauty, and Other Applications Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Shopify, eBay, Amazon, Oracle, SAP, Salesforce, Magento, Ecwid, OpenCart, PrestaShop, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is the E-Commerce Platforms Market?
The E-Commerce Platforms Market refers to the industry that provides software solutions and platforms for businesses to create, operate, and manage online stores and digital marketplaces. These platforms facilitate the buying and selling of goods and services over the internet.Why are E-Commerce Platforms important?
E-Commerce Platforms enable businesses to establish an online presence, reach a global audience, and streamline the process of selling products and services. They provide tools for inventory management, payment processing, customer engagement, and order fulfillment.What features do E-Commerce Platforms offer?
E-Commerce Platforms offer a range of features, including customizable website templates, product catalog management, secure payment gateways, shopping cart functionality, order tracking, customer reviews, analytics, and marketing tools.Why is e-commerce platform popular?
There are several reasons why e-commerce platforms are popular:
Who uses E-Commerce Platforms?
- They are a cost-effective way to start an online business.
- They offer a wide range of features and functionality that can be customized to meet the needs of businesses of all sizes.
- They are easy to use and manage.
- They provide security and scalability for businesses to grow.
E-Commerce Platforms are used by various entities, including retailers, brands, entrepreneurs, small businesses, and large enterprises. These platforms cater to a diverse range of industries, from fashion and electronics to food and digital products.What are the benefits of using E-Commerce Platforms?
E-Commerce Platforms offer benefits such as expanding market reach, reduced operational costs compared to physical stores, 24/7 availability, personalized shopping experiences, easy product updates, and the ability to track and analyze customer behavior.
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